Peter Shen: $1.5 Million Complaint Against Former IFG Advisor

A recent investor complaint against Orange, California financial advisor Peter Shen (CRD# 5769894) alleges that his conduct resulted in damages exceeding $1 million. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker with NI Advisors, having previously been registered with Independent Financial Group.

Mr. Shen’s BrokerCheck report discloses several investor complaints. The most recent, filed in January 2023, alleges that as a representative of Independent Financial Group, he recommended unsuitable and over-concentrated investments, including in real estate investment trusts. The pending complaint alleges damages of $1.5 million.

A “Firm Statement” included with the pending complaint’s disclosure pushes back against the allegations. “A preliminary review of the issues does not find evidence to support the claims,” it reads, continuing: “Firm intends to defend the suit as without merit, without basis in fact and for failure to state a claim on which relief can be granted.”

A second investor complaint, filed in 2021, alleged that as an LPL Financial representative, he recommended unsuitable REIT products between 2013 and 2021. In August 2022 the complaint, from which Mr. Shen was removed as a respondent, reached a settlement of $275,000.

A third investor complaint, filed in 2014, alleged that he promised an investor a 20% return on their investment in one year and guaranteed their principal. In 2015 the complaint reached a settlement of $15,000.

According to the Financial Industry Regulatory Authority, Peter Shen holds 12 years of securities industry experience. Based in Orange, California, he has been a broker with NI Advisors since January 2020. His registration history includes Independent Financial Group (Orange, California; 2015-2020), LPL Financial (Irvine, California; 2014-2015), Cetera Investment Services (Pasadena, California; 2012-2014), Primevest Financial Services (Artesia, California; 2011-2012), and Sagepoint Financial (Irvine, California; 2010). His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, New Jersey, and New York. (Information current as of March 17, 2023.)

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